By means of the agreement signed today in Caracas with the German Ministry of Economic Cooperation and Development through its Embassy in Venezuela for a total of €350 million, the German government has granted its approval for KfW (German development bank) to negotiate with CAF regarding two new concessionary credit lines during 2017.

The first credit line of €250 million (c. $286 million) shall be allocated to lowering financing that CAF grants to geothermal projects in the region, whether for supporting excavations for measuring the potential of energy generation, or for the very construction of the geothermal plant. This credit line constitutes part of a program lead by KfW and CAF, in which other agencies also participate and which arose in 2013 in order to identify the potential of geothermal energy in Latin America. The countries with the greatest potential in South America are Colombia, Ecuador, Peru, Bolivia and Chile.